John Malone’s role at Warner Bros. Discovery (WBD), led by CEO David Zaslav, is getting an update. The entertainment conglomerate on Friday unveiled that the cable TV and telecom pioneer is transitioning from his current role as a director on the company’s board of directors to the new role of chair emeritus.
The move allows Malone, 84, to remain actively involved with the board and as a key advisor to Zaslav and his management team, as well as a large shareholder of WBD, but he will not have to deal with board minutiae anymore.
The change comes into effect with WBD’s upcoming annual stockholder meeting where, due to the new role, Malobe will not to stand for re-election as a regular board member. “As chair emeritus, Dr. Malone will continue to regularly attend board meetings and provide strategic counsel and support to the board and management team,” the conglomerate highlighted.
“It has been a privilege to serve on the Warner Bros. Discovery board and work alongside David and his
exceptional team to help guide the company through an industry-defining merger and its ongoing
transformation,” Malone said. “A constant through this journey has been my long-standing partnership with David, built on deep trust and his powerful combination of operational excellence and decisive leadership.”
Added Malone: “The board and management team have made incredible progress making the company more resilient, agile, and positioned for profitable growth. I am confident Warner Bros. Discovery is on the right path and I look forward to remaining actively involved, not only as a significant stockholder, but in this important role helping to shape the growth trajectory as the company evaluates important strategic and structural opportunities ahead and as a fan of our world-class assets and the engaging storytelling that set this company apart.”
Zaslav said Malone “possesses one of the most brilliant strategic minds our industry has ever known,” adding: “His exceptional insights and visionary perspective on the global media landscape and its future have been invaluable to me personally and pivotal in shaping the trajectory and remarkable growth of Discovery and now at Warner Bros. Discovery. Working alongside John has profoundly enriched our ability to navigate complex challenges, seize transformative opportunities, and create lasting value.”
In his new role, “John’s unparalleled counsel, deep expertise, and clarity of vision will continue to shape our leadership team and board’s decisions as we unlock the full potential of our business,” the CEO emphasized.
And Zaslav shared: “The partnership and friendship we’ve built over more than 30 years has been one of the true joys of my career, and I’m looking forward to continuing this journey with John in this new role.”
At the end of March, WBD had added private equity and technology veteran Anton Levy to its board of directors amid pressure from the activist hedge fund Sessa Capital, which built a roughly 1 percent stake in the company and pushed WBD to add board members and restructure more quickly. The company had added Anthony Noto and Joey Levin to its board earlier this year.
With the addition of Levy and Malone’s new chair emeritus role, the WBD board will continue to be comprised of 13 directors.
Said WBD chairman Samuel Di Piazza, Jr.: “John has been instrumental in overseeing the development of Warner Bros. Discovery’s strategy and charting our course to navigate the current media landscape. We are fortunate to have the enduring benefit of his unparalleled expertise and insights as he assumes his new role.”
